Wall Street Journal (12/21/07) said foreclosure filing for November surged 68% from a year ago, but dropped 10% from October (first double digit monthly decrease since April 2006). RealtyTrac showed foreclosure filings for October zoomed 94% from a year ago but rose a modest 2% from September.
Does the modest sequential rise from September and then the double digit decrease from October; coupled with the recent Bush Bailout announcement, indicated that foreclosure activities overall might have peaked?
Bush recently also signed into law the Mortgage Forgiveness Debt Relief Act of 2007 which will do away with the tax on homeowners who have mortgage debt forgiven in a short sale, refinance, or in a deed in lieu of foreclosure.
Can this combined be a great New Years News for 2008? I have also seen houses going into escrow, slowly but steadily during the past month. Do the buyers finally tired of waiting and decide this might be as good a time to get a great deal as ever?
Southern Marin has held steady and Novato has slowed down and has been seeing decreases in value during the past few months. With the above news, I will be watching the market closely for sign of recovery!
Happy Holidays and Wish You All a GREAT 2008!
Best, Sylvia
I was at a discussion a couple of months ago about short sales in Marin, the title company guru mentioned that the paper said foreclosure rate increased 100% in Marin from last year. While the 100% increase painted a gloom and doom picture, the reality was that the number of houses foreclosed in Marin increased from 1-2 per month to 2-3 a month.
Of course, the WSJ article mentioned the top 5 foreclosure cities in the nation - others are more like what Jim said, and not so fortunate.
however, I think some of the buyers have waited long enough, and some are ready to buy now. Hopefully this, along with the not as choatic lending practice and the administration will infuse some badly needed blood into this whole situation!.
Well, in December of 2008, we can come back here to discuss if the foreclosure rate went up or down throughout the year (as a whole) in your neck of the woods.
Hi Joseph:
I really, really hope that I am right not only for my hometown but for the others as well.
Not because I want or need to be right, but because it will be good for everybody and the whole country!
Merry Christmas, and hope 2008 bring a better New Year for all!
Sylvia